Clearing Unit

 14,500 Gallons

Price Quotation

Cents and tenths of cents per gallon. Because these contracts are priced based upon the differential between OPIS cash ethanol prices in LA and Ethanol futures settlement prices, they can be quoted as a either a positive or a negative number.

Minimum Price Fluctuation

One tenth of one cent ($ 0.001) per gallon. ($ 14.50 per contract)

Clearing Hours

6:36 pm Sunday to 4:00 pm Friday, Central Time.

Clearing Months

For each listed Ethanol futures contract a LA Ethanol Basis Swap that expires at the end of the calendar month prior to the month in which the futures contract expires will be available for clearing. For example, if a December 2007 Ethanol futures contract is listed a November 2007 LA Ethanol Basis Swap will be available as well.

Termination of Clearing

The last business day of the Ethanol Basis Swap contract month.

Daily Settlement

Calculated as the daily OPIS cash prices for LA minus the settlement price of the Ethanol futures contract that follows the Ethanol Basis Swap contract month. During the last month the Basis Swap is listed, daily settlement shall be a running cumulative average of the daily OPIS cash prices for LA minus the settlement price for the Ethanol futures contract that follows the Basis Swap contract month.

Final Settlement

Cash settled to the average of the daily OPIS cash price for LA minus the Ethanol futures contract that follows the Basis Swap contract month for each business day in the Ethanol Basis Swap contract month. Final Settlement shall be in $0.0001 increments. Final Settlement will take place in the morning of the business day following the Last Business Day of the swap contract month. For example, the final settlement for a November 2007 Ethanol Basis Swap would be the average of the daily settlement prices for the LA Basis Swap during the month of November 2007.

Clearing Symbol

LAB